CHICAGO, Aug. 13, 2024 /PRNewswire/ -- The
report "Flavors & Fragrances
Market by Ingredient Type (Synthetic, Natural), End-use
Industry (Beverages, Bakery, Savory & Snacks, Dairy Products,
Confectionery, Consumer Products, Fine Fragrances), and Region -
Global Forecast to 2029", size was USD
35.3 billion in 2024 and is projected to reach USD 42.3 billion by 2029, at a CAGR of 3.7%,
between 2024 and 2029. The market is projected to grow because of
rising demand for flavors and fragrances sourced from natural
sources as people become more aware of the ingredients in the food,
drinks, and grooming products they purchase since clean labelling
of ingredients is critical in the wellness trend. Manufacturers
have been required to change and provide natural substitutes for
synthetic ingredients to satisfy the shifting needs of
health-conscious consumers. To this effect, the industry has
initiated several programs to mitigate its effects on the
environment such as environmentally friendly extraction and
processing methods, reduction of carbon footprints and sustainable
agriculture practices.
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Market"
273 – Tables
59 – Figures
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Natural ingredient segment is projected to register the
highest CAGR, in terms of value, of the global flavors &
fragrances market during the forecast period.
The growth of the natural ingredient segment is mostly due to
the changes in regulations and industry standards. Globally,
governments and regulatory agencies are strengthening their
policies regarding the use of synthetic compounds, especially those
that are a threat to people or the environment. These changes in
regulations not only encourage manufacturers to look for safer,
natural substitutes, but they also promote innovation in the
creation of novel organic compounds. The need to reformulate
products to comply with these rules frequently fuels the market's
need for natural ingredients.
Bakery is estimated to be the second-largest end-use industry
of flavors market, in terms of value, during the forecast
period.
Bakery segment is the second-largest end-use industry in the
flavors market. Bakery products have a unique role in international
culinary practices. Many consider bread, cakes, pastries, cookies,
and other baked products to be basics, cherished for their
delicious and comforting features. This enduring trend assures a
steady and strong demand for a wide range of baked goods. A wide
range of bakery goods are always in high demand thanks to this
enduring custom. To be attractive to a variety of consumer tastes,
each category within the bakery segment needs to have a unique
flavor profile. The segment's diversity demands a wide range of
flavors, which is fueling a substantial demand in the flavors
market.
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Consumer products segment to lead fragrances market in
end-use industry segment, during the forecast period, in terms of
value.
The consumer products segment accounted for the largest share of
the fragrances market in 2023, in terms of value. Scents are
infused in perfumes, deodorants, shampoos, and soaps to convey
personal preferences. These products let the consumers to express
their personality, mood, or ideal image to themselves and peers
through their choice of fragrance. Fragrances have a strong
psychological impact on personal care routines; the emotional
resonance of a favorite perfume or body lotion can dramatically
impact one's confidence and sense of comfort throughout the
day.
South America is projected
to register the highest CAGR, in terms of value, during the
forecast period in the flavors & fragrances market.
South America is projected to
register the highest CAGR in the flavors & fragrances market,
in terms of value, during forecast period due to several factors.
South America has a great
potential to produce various fruits, herbs, and spices as far as
the local climatic conditions are concerned. Brazil and Peru are recognized for having great stocks of
excellent raw materials that are not only demanded domestically but
internationally as well. These natural resources are henceforth
available to the flavors market and help bring to realization
faithful and unique flavors for the consumers. The focus on natural
and organic ingredients is also now picking up steam in line with
the health and wellness trends seen on most regions.
The key players profiled in the report Givaudan SA (Switzerland), International Flavors &
Fragrances Inc. (US), DSM-Firmenich AG (Switzerland), Symrise AG (Germany), ADM
(US), Takasago International Corporation (Japan), Sensient Technologies Corporation
(US), MANE (France), Robertet
Group (France), T. Hasegawa Co.,
Ltd. (Japan), and Bell Flavors & Fragrances (US).
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